NEW YORK–(BUSINESS WIRE)–#UI—Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Ubiquiti, Inc. (“Ubiquiti” or the “Company”) (NYSE: UI) and certain of its officers, alleging violations of federal securities laws. If you purchased Ubiquiti securities between January 11, 2021 and March 30, 2021 (the “Class Period”), and have suffered a loss, you are encouraged to contact attorney Rhiana Swartz for additional information at (844) 818-6980 or [email protected].
Ubiquiti develops and markets equipment and technology platforms for high-capacity internet access, unified information technology, and consumer electronics.
The lawsuit alleges, among other things, that the Company made materially false and/or misleading statements and/or failed to disclose that: (1) the Company had downplayed a data breach to its system in January 2021; (2) attackers had obtained administrative access to Ubiquiti’s servers and obtained access to, among other things, all databases, all user database credentials, and secrets required to forge single sign-on (SSO) cookies; (3) as a result, intruders already had credentials needed to remotely access Ubiquiti’s customers’ systems; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On March 30, 2021, after the market closed, Krebs on Security published an article entitled “Whistleblower: Ubiquiti Breach ‘Catastrophic,’” which stated that the Company’s assertion that hackers had only gained unauthorized access to certain of its information hosted by a third-party cloud provider was false and that the Company had been aware since December 2020 that attackers had “administrative access to all Ubiquiti [Amazon Web Services] accounts, including . . . all user database credentials, and secrets required to forge single sign-on (SSO) cookies.”
On this news, the Company’s stock price fell $50.70, or 14.5%, to close at $298.30 per share on March 31, 2021, on unusually heavy trading volume.
What You Can Do
If you purchased Ubiquiti securities between January 11, 2021 and March 30, 2021, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or [email protected]. The lead plaintiff deadline is July 19, 2021.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, Virginia, and Ohio.